Absolute Insurance Surveyors & Loss Assessors Quiz
Risk is the eventuality of winning or losing. In business, insurance takes care of risks in the chance that they occur. The Absolute Insurance Surveyors & Loss Assessors Quiz below dives deeper into the details.
- 1.The proposer pays a consideration to the insurance company for bearing the risk on his behalf. What is the consideration known as?
- A.
Enrollment Fee
- B.
Premium
- C.
Sum Insured
- D.
Installment
- 2.Which of the following is not a peril?
- A.
Flood
- B.
Accident
- C.
Fire Alarm
- D.
Cyclone
- 3.What is the full form of IRDA?
- A.
Insurance Regulatory & Development Authority
- B.
Indian Regulator & Development Authority
- C.
Insurance Regulator & Development Authority
- D.
Indian Regulatory & Development Authority
- 4.The purpose of Insurance is to ___________
- A.
Bring people who are exposed to similar risks together
- B.
Pay claims
- C.
Collect premium
- D.
All of the above
- 5.The licence of a surveyor is valid for ______ years.
- A.
3
- B.
5
- C.
7
- D.
1
- 6.Which of the below are the entities in the insurance industry
- A.
Corporate Agents
- B.
Medical Examiners
- C.
Surveyors
- D.
All of the above
- 7.Marine insurance covers risks related to motor vehicles, Burglary and Health
- A.
True
- B.
False
- 8.In which year was the IRDA was set up?
- A.
1998
- B.
1999
- C.
2000
- D.
2001
- 9.Sanjay has given a loan of Rs.15,000 to Mohit for 5 years. At the end of 4 years, the outstanding balance of the loan due is Rs.2,500. According to the principle of insurable interest, how much is the insurable interest of Sanjay on the life of Mohit ?
- A.
The full loan amount of Rs.15,000
- B.
The amount already paid Rs.12,500
- C.
The outstanding loan balance of Rs.2,500
- D.
None. Sanjay cannot take insurance on Mohit's life as the two don't have any insurable interest
- 10.An individual who is wholly engaged is sourcing insurance business for various companies is called _______
- A.
Agent
- B.
Investigator
- C.
Broker
- D.
Surveyor
- 11.A survey report is required by the insurance company for losses above ________
- A.
Rs.10,000
- B.
Rs.25,000
- C.
Rs.20,000
- D.
Rs.26,000
- 12.Which of the following is not a principle of insurance
- A.
Indemnity
- B.
Material Facts
- C.
Utmost Good Faith
- D.
Contribution
- 13.As per the Incoterms 2010, how many terms of sale are in use ?
- A.
11
- B.
14
- C.
09
- D.
10
- 14.The principle of subrogation and contribution are one and the same.
- A.
True
- B.
False
- 15.Which of the widest cover provided by the insurance company ?
- A.
ITC A
- B.
ITC C
- C.
ITC B
- D.
All of the above
- 16.The principle of subrogation specifies that if a policyholder files a claim with one company, that company is entitled to collect a proportional amount of money from the other involved insurance company.
- A.
True
- B.
False
- 17.The principle of indemnity ensures that the insurance company makes a reasonable profit from the policy offered.
- A.
True
- B.
False
- 18.The principle of indemnity says that the insured shall be paid a financial compensation sufficient to place him in the financial position after the loss as he enjoyed before the loss occurred.
- A.
True
- B.
False
- 19.The principle of utmost good faith deals with the duty of the insured to voluntarily disclose accurately and fully all material facts to the risk being proposed whether requested for or not.
- A.
True
- B.
False
- 20.The principle of utmost good faith deals with the duty of the insured to voluntarily disclose accurately and fully all material facts to the risk being proposed whether requested for or not.
- A.
True
- B.
False
- 21.ABC Industries Ltd has sold a consignment of granules to M/s XYZ Plasts Ltd. The material was dispatched from Mumbai to be delivered to Chennai with the incoterms of CIF Chennai on the invoice. While in transit, the consignment carrying vehicle met with an accident and the material of granules was damaged. M/s XYZ Plasts Ltd has insured the cargo with under a marine policy with a ITC-A coverage. The buyer has claimed the loss with their insurers. Will the loss be payable to the buyer.
- A.
Yes
- B.
No
- 22.The contractual term for the premium is known as___________
- A.
Contribution
- B.
Consideration
- C.
Commitment
- D.
Consolidation
- 23.ITC A covers which of the following perils.
- A.
Fire
- B.
Lightening
- C.
Rain water Damage
- D.
All of the above
- 24.Which of the following is not an ITC C peril ?
- A.
Fire
- B.
Lightening
- C.
Collision
- D.
All of the above
- 25.ITC B cover is also known as a basic cover.
- A.
True
- B.
False
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